The following text was automatically extracted from the image on this page using optical character recognition software:
Klveton, Ma Jz; 1A. 19(4A from which you will see that our profits have been nothing out which to boast, but the different trades and transactions 9fected have brought about a very liquid condition, even though _-1 ratio of current assets to current liabilities shows a marked ,crease. This, of course, is due to the fact that we had over . 00,000.00 mre cotton on hand at the end of the period than we .d at the same time last year. rhe history of our cotton trading ain reflects a loss, but much of the total expense assessed a ainet cotton of $1.78 per bale would undoubtedly continue even we handled no cotton at all, though I don't believe this year include 'o.r 9r alrv or IMr